Copper’s looming 'major deficit' threatens clean energy transition

IEA chief Fatih Birol warns that within ten years demand for the critical mineral could outstrip supply

The transition to clean energy could face a significant hurdle with a looming "major deficit" in copper in the next decade, the head of the International Energy Agency has told The National.

Asked if the world could stick to the 2050 deadline for Net Zero, especially given the difficulties of global politics and the risks to securing critical minerals, Fatih Birol raised concerns over supplies of copper, which is a key raw material for the renewables boom.

“The need for critical minerals for fast energy transition will be really challenging,” he said at the closing press conference of the International Summit on the Future of Energy Security.

“Copper is one of the most important critical minerals,” he said. “In 2035 I see a major deficit for copper. We may well face shortages of critical minerals from a mining perspective and this may mean pushing prices up and this may be a hurdle for the cost of clean energy transition.”

British Energy Secretary Ed Miliband, left, and IEA executive director Fatih Birol at the Future of Energy Security summit in London on Friday. EPA

One of reasons for organising the summit, held jointly with the UK government in London, was to give a “heads up” for countries that, if they want to achieve “a fast clean energy transition one of the areas they need to keep eye on was "critical mineral mining, refining and manufacturing".

Britain’s Energy Secretary Ed Miliband also responded to The National stating that “absolutely, Net Zero by 2050 is achievable”.

He highlighted that when he had previously been energy secretary in 2008 no one was talking about the goal “now 90 per cent of the world’s GDP is covered by Net Zero”.

There had also been a transition in rationale for the change as it was no longer just climate reasons but also for energy security in a more fractured world. “This transition is unstopplabe and we can achieve Net Zero,” he added.

“Of course, there are differences between countries but what I heard repeatedly is what I would call the hard-headed case for investing in clean energy.”

But both Mr Miliband and Mr Birol admitted that oil and gas would be necessary in the transition for many years to come.

Closing the two-day conference, which was attended by representatives of 60 countries including ten oil exporters, Mr Birol said all delegates had recognised that the world was entering a “new era of energy security”.